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Sembcorp Marine swings back to profitability in 3Q on forex gains

Stanislaus Jude Chan
Stanislaus Jude Chan10/31/2017 5:43 PM GMT+08  • 2 min read
Sembcorp Marine swings back to profitability in 3Q on forex gains
SINGAPORE (Oct 31): Sembcorp Marine reported earnings of $2.7 million in the 3Q ended September, reversing out of losses of $21.8 million a year ago.
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SINGAPORE (Oct 31): Sembcorp Marine reported earnings of $2.7 million in the 3Q ended September, reversing out of losses of $21.8 million a year ago.

This was largely attributable to a foreign exchange gain of $31.3 million in 3Q17, compared to a foreign exchange loss of $18.9 million a year ago. The foreign gain in the current quarter arose mainly from the revaluation of liabilities denominated in US dollar to Brazilian real.

Revenue fell 64.3% to $316.9 million in 3Q17, from $888.0 million a year ago, mainly due to lower revenue recognition for rig building and offshore platforms projects.

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